The Real Deal New York

Median home prices hit all-time high in Brooklyn

Home sellers closing at or above asking prices in the borough

July 30, 2015 08:46AM

Brownstones in Prospect Heights

Brownstones in Prospect Heights

Asking prices are just the beginning in Brooklyn as buyers jostle to outbid each other in the borough’s rough-and-tumble residential market.

A new StreetEasy report said that in the second quarter in 2015, in nearly half of Brooklyn neighborhoods, homes typically closed at or above asking prices, with sales-to-list prices often exceeding 100 percent.

Prospect Park saw the widest margins, with the median sales price at 4.1 percent over the median ask, according to the StreetEasy Price Index. Park Slope sellers did only marginally worse, making 4 percent over ask at median.

Median home prices in the borough hit an all-time high last quarter, reaching $526,474, with growth of 4.1 percent over the first quarter.

The number of Brooklyn homes on the market grew to a total of 5,262, a 17.4 percent increase, but still 44.6 percent lower level of inventory than in Manhattan.

Homes also spent less time on the market, 41 days at median, three days shorter than in Manhattan, with properties in the top price tier moving fastest. [StreetEasy]Ariel Stulberg